Without emergency funds, we quickly turn to credit cards and other sources with high-interest rates. "Having sufficient emergency savings is critical to avoiding high-cost credit card debt when unexpected expenses arise," Greg McBride, a senior financial analyst at Bankrate, said in a statement.

Generally, it's recommended that an emergency savings account has enough money to pay for six months of living expenses. According to Bankrate, only one-quarter of Americans have this much put away.